Missouri-based executive Thomas Brutnell serves as the vice president of Gateway Biotechnology. In this capacity, he provides scientific oversight to the company as well as supervision of project management and product development. Thomas Brutnell also founded Viridis Genomics Consulting, providing strategic planning support to early-stage plant biotech businesses that helps them find funding and clear development hurdles.
Biotech startups are high-risk enterprises, since they often require several years of financing for the development of a product before it’s sold. Along the way, there are many challenges such startups face that result in failure if not handled properly. Below are a few examples:
Intellectual Property
The creation of intellectual property involves a lot of moving parts, so that even small missteps can result in major problems that can prevent or delay a drug from getting FDA approval if not patents are not filed in time. In turn, filing too early could result in the company losing millions if the time to market is delayed. Thus, developing a good working relationship with an experienced IP firm is essential for start ups in the pharma space and most likely one of the biggest expenses for the budding company as well.
Mediocre science
Biotech companies depend on strong data that convinces investors, partners, and regulators that their technology or product is worth supporting. Unfortunately, this cannot come about if the company uses science that simply piggybacks on the discoveries of others. Rather, the focus must be on true innovation that addresses a serious unmet need in the market.
Bad timing
Developing new biotech products takes time, but this doesn’t mean startups should delay making certain decisions. In fact, doing so often results in poor performance. If the goal is to have a new drug for the market, for instance, companies should start preparing several years before final approval comes. At the same time, biotech companies should not cut corners in an effort to speed up the development process.
Biotech startups are high-risk enterprises, since they often require several years of financing for the development of a product before it’s sold. Along the way, there are many challenges such startups face that result in failure if not handled properly. Below are a few examples:
Intellectual Property
The creation of intellectual property involves a lot of moving parts, so that even small missteps can result in major problems that can prevent or delay a drug from getting FDA approval if not patents are not filed in time. In turn, filing too early could result in the company losing millions if the time to market is delayed. Thus, developing a good working relationship with an experienced IP firm is essential for start ups in the pharma space and most likely one of the biggest expenses for the budding company as well.
Mediocre science
Biotech companies depend on strong data that convinces investors, partners, and regulators that their technology or product is worth supporting. Unfortunately, this cannot come about if the company uses science that simply piggybacks on the discoveries of others. Rather, the focus must be on true innovation that addresses a serious unmet need in the market.
Bad timing
Developing new biotech products takes time, but this doesn’t mean startups should delay making certain decisions. In fact, doing so often results in poor performance. If the goal is to have a new drug for the market, for instance, companies should start preparing several years before final approval comes. At the same time, biotech companies should not cut corners in an effort to speed up the development process.
